Global oil demand is set to peak in 2032, two years later than previously expected, due to solid petrochemical demand and sluggish U.S. and European electric vehicle sales, Wood Mackenzie said in its new Energy Transition Outlook 2025-2026 report on Wednesday. “Oil demand peak has shifted from 2030 to 2032, reflecting sluggish EV sales in the US and Europe, and continued momentum in petrochemicals,” WoodMac said. The surge in AI and power demand will support natural gas across all four different pathways for the energy…
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